Ms. Kamaporn Tumpipit, Deputy Managing Director for Finance and Accounting of Praram 9 Hospital Public Company Limited (SET: PR9), disclosed to ‘Kaohoon’ that the company’s Board of Directors will convene on 11 November 2026 to approve the financial statements for the third quarter of 2026. Preliminary guidance indicates that operating results have continued to improve, supported by seasonal factors.
On the medical services front, PR9 has enhanced treatment for complex conditions by adopting robotic medical devices for orthopedic surgeries, as well as implementing the Da Vinci robotic surgical system for various procedures. Additionally, the hospital has placed greater emphasis on communication efforts to increase public awareness.
In line with these initiatives, Dr. Wittaya Wanpen, Deputy Managing Director for Business Development at PR9, previously stated that the company’s strategy for the second half of 2026 will focus on elevating its capacity for treating complex diseases and expanding its infrastructure to accommodate a rising number of patients.
For 3Q26, the hospital began offering Bi-Plane Angiography for precise diagnosis and treatment of heart and brain vascular diseases and introduced a state-of-the-art Hyperbaric Oxygen Therapy (HBOT) chamber, the largest among private hospitals, to treat diabetic wounds and assist patient recovery.
Looking ahead to the fourth quarter, there are plans to expand critical care capacity by increasing the number of ICU, CCU, and Neuro ICU beds from 24 to 31 to support higher occupancy rates and a growing number of severe cases.
Finansia Syrus Securities (FSS) has maintained its ‘Buy’ rating for PR9, with a target price of THB 27.00 per share, noting that the stock remains attractively valued. The brokerage forecasts record-high normalized profit of THB 233 million in 3Q26, a 26% increase quarter-on-quarter and a 4% rise year-on-year, driven by revenue growth and margin improvement.
Total revenue is expected to set a new record at THB 1.43 billion, up 9% quarter-on-quarter and 5% year-on-year, supported by a 13% quarter-on-quarter and 7% year-on-year increase in Thai patient revenue, driven by a higher number of complex cases, utilization of new medical technology, and demand related to seasonal illnesses.
Meanwhile, revenue from international patients is projected to remain stable quarter-on-quarter but decline by 1% year-on-year due to a decrease in severe cases from the Middle East and disruptions from flight cancellations, although patient numbers from Myanmar remain robust. Flooding in Bangkok during the last week of September caused some outpatient and surgical appointments to be postponed, but these are expected to gradually return in October.
Similarly, Phillip Securities (Thailand) also reiterated a ‘Buy’ recommendation for PR9, with a target price of THB 24.00 per share, citing a positive earnings outlook for the third quarter. The rebound in profit is attributed to strong demand from Thai patients due to seasonal factors, offsetting some weakness in foreign patient revenue, which has been affected by geopolitical conflict in the Middle East, and improved margins.
The company’s EBITDA margin is projected to rise to 26.1% due to efficient cost management. Core profit for 9M26 accounts for 71% of Phillip’s full-year forecast, while the third quarter’s core profit is forecast at THB 227 million, representing a 23.2% increase quarter-on-quarter and a 1.7% rise year-on-year.
Hospital business revenue is projected at THB 1.43 billion, up 9% quarter-on-quarter and 4.8% year-on-year, with Thai patient revenue reaching THB 1.052 billion, up 12.8% quarter-on-quarter and 7.1% year-on-year.
Foreign patient revenue, by contrast, is expected to decline slightly by 0.2% quarter-on-quarter and 1% year-on-year to THB 378 million, mainly due to reduced volume from the Middle East, though growth from patients in CLMV countries—particularly Myanmar—remains strong. As a result, the revenue mix between Thai and foreign patients shifted to 74:26 in the third quarter of 2026 from 72:28 in the same period last year.
